Saudi Arabia and Russia have agreed “in principle” to significant oil production cuts during a virtual meeting following a weeks-long dispute that devastated the oil market amid a major demand slump caused by the coronavirus by theothersarahh
, Saudi Arabia and Russia have agreed “in principle” to significant oil production cuts during a virtual meeting following a weeks-long dispute that; other members in the OPEC+ group have not yet agreed to the cuts.
The international Brent benchmark is down up 0.3% to $32.84 per barrel after steep gains earlier this afternoon., Saudi Arabia has agreed to cut 4 million barrels a day from its production levels in April and Russia has agreed to cut 2 million barrels per day; in general, Saudi Arabia and other oil producing countries are looking for a way to cut 20 million barrels per day from the global supply.
The virtual meeting included members of OPEC and other oil producing nations like Russia, known collectively as OPEC+.that both Russia and Saudi Arabia have indicated that a final deal on cuts would be predicated on the United States’ commitment to reducing its own output; Kremlin spokesman Dmitry Peskov said a deal on cuts was “hardly possible” without cuts from other countries as well.
Over the last few weeks, the pressure on the oil market has boiled down to supply and demand: demand for fuel has plummeted as people around the world stopped traveling and working as a result of the coronavirus, and supply was set to skyrocket as Saudi Arabia and Russia ramped up production and cut prices.
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